Press Release
C. 02-13 th
El Salvador, February 13 , 2013
CS initiated ex-officio an investigation regarding ALBA PETRÓLEOS The Competition Superintendence (CS) has initiated ex-officio an investigation in order to determine if the company ALBA PETRÓLEOS EL SALVADOR has infringed the Salvadoran Competition Law (CL) by executing a merger or acquisition without previously requesting the CS its authorization. “An ex-officio action is, by definition, an independent action of any person or institution, whether public or private, including those who have requested one. The information provided by the ANEP will be taken into consideration and complemented with that presented by other economic agents involved”, asserted Francisco Diaz Rodriguez, Competition Superintendent.
After analyzing the request filed by the National Association of the Private Enterprise (in Spanish, Asociación Nacional de la Empresa Privada or its acronym “ANEP”), as well as the latest public statements of representatives of ALBA PETRÓLEOS DE EL SALVADOR, the CS has initiated ex-officio an investigation in order to determine if said company has infringed the CL by executing a merger or acquisition without previously requesting the CS its authorization. Pursuant to Article 61 letter b) of the CL Regulations, the CS will carry on the investigation to determine the above cited alleged violation. According to Article 33 of the CL: “Mergers or acquisitions whose combined total assets exceed fifty thousand minimum urban annual wages in the industrial sector or whose total income exceeds sixty thousand minimum urban annual wages in the industrial sector shall request the Superintendence prior authorization”. In its Article 31, the CL establishes that a merger or acquisition takes place when:
a) Economic agents that have been independent from each other enter into acts, contracts, or agreements, with the purpose of totally of partially merging, acquiring, consolidating, integrating, or combining their businesses; and, b) When one or more economic agents who control at least one other economic agent acquire through any means whatsoever, the direct or indirect, total or partial control of more economic agents. The information provided by the ANEP will be taken into consideration and complemented with that presented by other economic agents involved. If the CS proves the infringement of Article 33 or other provisions of the CL, said institution shall take the pertinent legal actions. As usual, the CS shall fully secure the required confidential information.